CBL Properties Closes Sale of Interest in the Outlet Shoppes at Atlanta
December 09 2019 - 2:00PM
Business Wire
CBL Properties (NYSE:CBL) today announced that it closed the
sale of a 15% interest in The Outlet Shoppes at Atlanta in Atlanta,
GA, to an affiliate of its existing joint venture partner, Horizon
Group Properties, for total consideration of $20.8 million. The
sales price included approximately $11.4 million in related debt.
Following the sale, CBL and its joint venture partner both own a
50% interest in the center. Net proceeds from the sale were used to
reduce outstanding balances on the company’s line of credit.
“With the closing of this sale, we’ve completed gross asset
sales of more than $180 million during 2019,” said Stephen
Lebovitz, CBL’s chief executive officer. “Proceeds from
dispositions, along with our significant free cash flow, allow us
to further transformative redevelopment efforts at our properties
as well as improve our balance sheet through debt reduction.”
About CBL Properties Headquartered in Chattanooga, TN,
CBL Properties owns and manages a national portfolio of
market-dominant properties located in dynamic and growing
communities. CBL’s portfolio is comprised of 108 properties
totaling 68.2 million square feet across 26 states, including 68
high‑quality enclosed, outlet and open-air retail centers and nine
properties managed for third parties. CBL continuously strengthens
its company and portfolio through active management, aggressive
leasing and profitable reinvestment in its properties. For more
information visit cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20191209005607/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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